News

Masdar launches UAE’s first ‘green’ REIT

Sustainable_investingAbu Dhabi Future Energy company (Masdar) has launched what it claims is the first ‘green’ real estate investment trust (REIT) in the UAE. The renewable energy company and a subsidiary of Abu Dhabi’s sovereign wealth fund Mubadala said the fund will initially be worth between $258.7 million and $272 million and will be based in the Abu Dhabi General Market. The portfolio will include four commercial properties within the ‘sustainable’ urban complex Masdar in Abu Dhabi covering a net leaseable area of more than 57,000 m2. The REIT will be launched as a qualified investor fund meaning that it will only be accessible to investors through private placement. The fund launch was hailed as a “significant milestone for green investment in the region” by Masdar chief executive Mohamed Jameel Al Ramahi. “Investors are increasingly looking for ‘responsible investments’ and are evaluating companies based on specific environmental, social, and governance practices criteria,” he said. “The REIT will contribute to the development and strength of Abu Dhabi’s real estate sector and bring in greater investment from domestic and international investors that want to make a real difference.” ©2020 funds global mena

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